Life Insurance Needs Calculator

How much life insurance is enough?

The Consumer Federation of America (CFA, 1997) recommends 6 to 8 times your income for a married couple with children. While rules of thumb may be helpful, they do not take each individual's situation into consideration. This calculator provides a quick and simple method to estimate the amount of life insurance you will need.

This life insurance calculator should be used only as a guide and should not be considered a recommendation.

Click here for more information about our life insurance needs calculator.

If you died today, how much money would your family need to cover the following expenses?

IMMEDIATE INCOME NEEDS:
Funeral
Estate Administration Expenses/Fees
Emergency Fund (for an unexpected crisis, such as a major illness)
Pay Off Mortgage
Pay Off Loans And Debt (auto loans, credit card, personal loans, etc.)
INCOME REPLACEMENT:
Annual Income Replacement Needed: (after tax; today's dollars)
Number of Years of Income Is Needed
Annual Growth Rate of Insurance Fund (after tax annual rate of return applied to the insurance fund that provides the replacement income)
Expected Inflation Rate (long term historical inflation rate is about 4%)
CHILDREN'S EDUCATION FUNDS:
Number of Children Requiring College Education Funding
FUNDS AVAILABLE AT DEATH:
Savings, CD's, Bonds, Mutual Funds, Stocks, Etc. (non-retirement funds)
Retirement Funds (if you want to leave these for your spouse at retirement, enter 0)
Current Life Insurance On Your Life (not to be replaced)
Other Liquid Assets